Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience...

This paper reviews the Central African Republic’s three-year arrangement under the poverty reduction and growth facility. Concerns about the social impact of higher fuel prices have delayed implementation of an automatic pricing formula and caused serious fiscal losses. The new financing...

This 2006 Article IV Consultation highlights that with generally prudent macroeconomic policies, Namibia has enjoyed robust growth, moderate inflation, and strong external surpluses. Growth is expected to increase to 4½ percent in 2006, after 4¼ percent in 2005, owing in part to a recovery...

Nicaragua's economic performance in 2010 was satisfactory. Real GDP grew, supported by strong consumption and investment. Bank credit started recovering while the financial system remained liquid and profitable. Exchange-rate and monetary policy have contributed to macroeconomic stability. The...

In 2011, the economy of Mali is expected to stay on a robust growth trajectory with low inflation. Fiscal performance has been consistent with program targets during the first half of 2011. Money supply increased more than GDP during the first nine months of 2011. The authorities intend to...

This Selected Issues paper analyzes medium-term fiscal sustainability in Trinidad and Tobago. The paper focuses on the challenge of distributing the nonrenewable resource wealth across generations. Its recommendations are geared toward the goal of intergenerational distribution and therefore...

Papua New Guinea has seen solid economic growth over the past decade, supported by sound macroeconomic policies. This 2012 Article IV Consultation discusses that the financial sector in Papua New Guinea remains profitable and well capitalized, but vulnerabilities have increased. Executive...

Togo has made significant progress in advancing economic and political reforms under the Staff-Monitored Program (SMP). Important fiscal governance reforms have boosted tax revenues and helped expenditure control. The I-PRSP is designed to preserve macroeconomic stability while reviving economic...

In this study, Armenia’s financial challenges observed in the global crisis are discussed, and also the development processes initiated by Armenia are analyzed. Short- and medium-term outlooks, and risks are also outlined. Fiscal, monetary, and banking sector policies play important roles...

This papers discusses Benin’s third review under the Extended Credit Facility Arrangement. The re-election of the President and the regained majority in Parliament have provided a window of opportunity for reforms. All performance criteria and most quantitative targets have been met, but...